Insuring your Jewelry

If you own a home or rent a condo, chances are you have a home or tenant insurance policy. Under these policies there is coverage for your fancy jewelry. So, what happens if someone breaks into your car and steals your fancy Rolex, or picks the lock on your locker and takes your diamond earrings?

Chances are your insurance policy can cover something that could potentially happen to your prized possessions. However, you need to check your policies limits and exclusions just to make sure! Take a few simple precautions to protect your diamonds and prevent a loss.

Be Prepared:

If you want to make sure that your prized possessions are definitely covered in the event of a loss, you need to follow these steps:

Keep your receipts: if you ever need to make a claim to report stolen jewelry you need to declare the value. Receipts can help prove this.

Take Pictures: if you do not have a receipt, you can take a picture of the make/ model or the details of the jewelry to prove the value.

Have an Appraisal: sometimes you just don’t know how much the heirlooms you receive are worth. Getting an appraisal done on these items by a professional can be beneficial. Also consider giving the appraised report to your home insurance broker to file.

Take Inventory: be sure to keep your home inventory as up to date as possible, and remember to document full details of each item.

Talk to your Broker: Have a talk with your home insurance broker about your coverage limit.

Know your Limit:

Your home insurance policy can cover the loss of your jewelry no matter where the event happened. Such as, at your home, in your car, or even at work. However, most policies have a coverage limit on the dollar value of jewelry that can be claimed against the policy. That is why it is so important to review this with your broker.

You might be very surprised at how quickly the dollar value of all your jewelry can add up. The average coverage limit for all your jewelry including; watches, gems, and fur is somewhere between $3,000 and $6,000. Therefore, if the amount of fancy things you have exceed the amount included on your policy, you can purchase extra coverage.

Protect your Jewelry:

Just making sure that your prized possessions are covered in the event of an emergency does not mean that you can neglect taking care of these items. Therefore, take a few of these precautions:

Lock it up: If you have to take your jewelry off while out, try and put it somewhere safe.

Leave it at home: If you own very expensive jewelry with high sentimental value, don’t wear it to an event you feel could result in a loss.

Your gems and fancy things are important. Whether you just got engaged or recently received a priceless heirloom, make sure it is protected!

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